India : Railways Sector Report_August 2013

Indian Railways has a total route network of about 64,600 kilometers (km) spread across 7,146 stations and operates more than 19,000 trains every day. Over 30 million passengers travel by trains on a
…

Indian Railways has a total route network of about 64,600 kilometers (km) spread across 7,146 stations and operates more than 19,000 trains every day. Over 30 million passengers travel by trains on a daily basis in India and around 975.2 million tonnes (MT) of freight was transported via trains in FY12.

The revenues of Indian Railways are expected to expand at a compounded annual growth rate (CAGR) of 12.1 per cent during FY07-14. Freight is the major revenue earning segment for the railways, accounting for 70.6 per cent of the total revenues in FY12.

Passenger traffic went up by more than 15 times over FY1951-FY12. Increasing incomes, both urban and rural, have made rail travel affordable to a large number of Indians. Urban population in India increased from 17.3 per cent of the total population in 1951 to 31.2 per cent in 2011; this has led to increase in traffic between urban and rural areas in the country.

With rapid economic growth and increasing industrialisation, freight traffic is expected to grow at a CAGR of 7.6 per cent during FY12-17 to touch 1,405 million metric tonnes (MMT) by FY17. Indian Railways has set a target of having a freight market share of 50 per cent by 2030 from 30 per cent in 2010.

The Government of India is investing heavily in building rail infrastructure in the country and plans to invest US$ 153 billion during the 12th Five Year Plan.

Transcript

1.
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2.
World’s fourth-largest
rail network
• As of FY12, Indian Railways had 12,335 passenger trains carrying over 30 million
passengers daily. On the commercial front, 975.2 million tonnes of freight was transported
via trains in FY12
Growing public-private
partnership
• Private sector companies are being encouraged to participate in rail projects, which were
largely in the public domain. In December 2012, the Cabinet approved “participative
models for rail-connectivity and capacity augmented projects”, which allows private
ownership of some railway lines
Growth initiatives
• Indian Railways is undertaking the construction of dedicated freight lines along the
country’s Eastern and Western corridors; this would increase productivity and reduce
transportation cost. A special purpose vehicle has been set up for the same. Moreover, in
March 2013, the Cabinet approved the “Automobile Freight Train Operator Scheme” to
encourage automobile transportation through railways
Modernisation/
technology upgradation
• Indian Railways has launched mobile ticketing services, which enable customers to
receive tickets on short message service (SMS). Additionally, it plans to upgrade its
current systems to support bookings of 7,200 tickets per minute compared with the current
capacity of 2,000 tickets

3.
• The engineering sector is delicensed;
100 per cent FDI is allowed in the
sector
• Due to policy support, there was
cumulative FDI of USD14.0 billion into
the sector over April 2000 – February
2012, making up 8.6 per cent of total
FDI into the country in that period
Growing demand
Source: Railway Budget 2013, Planning Commission, Aranca Research
Notes: 2017F – Forecast figure for 2017, MMT is Million Metric Tonnes
FDI is Foreign Direct Investment, FY is Indian Financial Year (April to March)
Growing demand
• Increasing urbanisation coupled
with rising incomes (both urban
and rural) is driving growth in the
passenger segment
• Growing industrialisation across
country has increased freight
traffic over the last decade
Attractive opportunities
• Freight traffic is set to increase
manifold, thanks to investments
and private sector participation
• Metro rail projects are being
envisaged across many cities over
the next ten years
Policy support
• Government has increased the
scope of PPP, to beyond providing
maintenance and other such
supporting roles
• Government is providing new lines,
increasing the rolling stock to build
up capacity
Higher investments
• The government has been
investing heavily to upgrade
railway infrastructure
• Sector has been witnessing
increasing level of FDI
participation over FY08–12
2012
Freight
Traffic –
975 MMT
2017F
Freight
Traffic –
1,405 MMT
Advantage
India

4.
Source: Ministry of Railways, Aranca Research
Indian Railways (IR) is –
A departmental undertaking of Government of India (GOI), which owns and operates most of India's rail transport
Overseen by the Ministry of Railways
It has a total route network of about 64,600 kilometres (of which 29.98 per cent is double/multi-track) spread across 7,146
stations.
Operates more than 19,000 trains every day
It has 239,321 wagons, 61,899 coaches, and 9,549 locomotives
IR’s total assets at the end of FY12 amounted to USD61.7 billion.
Railways
Passenger
Freight
• Around 975.2 million tonnes of freight was transported via
trains in FY12
• These include a huge variety of goods like mineral ores, iron
and steel, fertilizers, petrochemicals, and agricultural produce
• About 12,335 passenger trains were in operation in FY12
• Over 30 million passengers travel by trains on a daily basis in
India

6.
Gross revenues trends over the years
(USD billion)
Source: Ministry of Railways, Aranca Research
* In Indian Rupee Terms
Notes: CAGR – Compound Annual Growth Rate, E – Estimates,
B – Budgeted, FY – Indian Financial Year (April–March)
Indian Railways revenues grew the fastest in three years to
USD21.7 billion in FY12, a 10.1 per cent y/y growth. The
Railway Ministry estimates revenues to grow 20.7 per cent*
in 2013
Overall, revenues are expected to expand at a CAGR of
12.1 per cent* during FY07–14
Revenue growth has, in fact, been strong over the
years; during FY07–12, revenues expanded at a
CAGR of 9.9 per cent*
For FY14, the government has estimated revenues
to expand at a CAGR of 17.5 per cent* over FY12
14.3
18.3 17.8 18.8
20.8
21.7 23.1
26.5
FY07 FY08 FY09 FY10 FY11 FY12 FY13E FY14B
CAGR: 12.1%

7.
Passenger Earnings (in USD billion)
Source: Ministry of Railways, Aranca Research
* In Indian Rupee Terms
Notes: CAGR – Compound Annual Growth Rate, FY – Indian Financial Year (April–March)
In the last six years, revenues from the passenger segment has expanded at a CAGR of 10.5 per cent*. The FY14 Budget
provides for a CAGR of 22.2 per cent* in revenues over FY12
Freight segment’s revenues have been on the rise; in FY12, revenues were up 11.6 per cent* over last year, the highest
growth rate in the last four years
Earnings from Freight (in USD billion)
3.8
4.9 4.8 4.9
5.6 5.9
FY07 FY08 FY09 FY10 FY11 FY12
9.1
11.5 11.3
12.0
13.3 14.1
FY07 FY08 FY09 FY10 FY11 FY12

8.
Revenue breakup, by segment (FY12)
Source: Ministry of Railways, Aranca Research
Freight remains the major revenue earning segment for the
railways, accounting for 70.6 per cent of total revenues in
FY12
Profits from this segment are used to cross-subsidise the
passenger segment
70.6%
29.4%
Freight
Passenger

9.
Trends in passenger volumes (in millions)
Source: Ministry of Railways, Planning Commission, Aranca Research
Notes: CAGR – Compound Annual Growth Rate, F – Forecast
FY – Indian Financial Year (April–March)
Train travel remains the preferred means of communication
for a large majority of Indians, a fact easily reflected by
volume and growth of passengers over the years
Passenger volumes are expected to expand at a CAGR of
6.6 per cent to 11.7 million by FY17 from 6.2 million in FY07
The number of passengers travelling by train
reached 8.2 billion in FY12, up 7.2 per cent over the
previous fiscal year
Annual passenger volumes expanded at a CAGR of
5.8 per cent during FY07–12. According to the 12th
Five-Year Plan, passenger volumes are expected to
increase at a CAGR of 7.4 per cent during FY12–17
6.2 6.5 6.9
7.2
7.7
8.2 8.9
9.5
10.2 10.9
11.7
FY07
FY08
FY09
FY10
FY11
FY12
FY13F
FY14F
FY15F
FY16F
FY17F
CAGR: 6.6%

11.
745
804
837 892
926 975 1,038
1,119
1,206 1,300
1,405
FY07
FY08
FY09
FY10
FY11
FY12
FY13F
FY14F
FY15F
FY16F
FY17F
Freight traffic (million tonnes)
Source: Ministry of Railways, Planning Commission,
Aranca Research
Notes: CAGR – Compound Annual Growth Rate, F – Forecast
FY – Indian Financial Year (April–March)
As of FY12, railways accounted for 31 per cent of India’s
freight traffic
Freight traffic is expected to expand at a CAGR of 6.6 per
cent to 1.4 billion tonnes by FY17 from 745 million tonnes in
FY07
Freight traffic reached 975 million tonnes in FY12, a
5.3 per cent rise over the previous fiscal year
The figure has grown at a CAGR of 5.5 per cent over
FY07–12 and is expected to grow at a CAGR of 7.6
per cent during FY12–17
CAGR: 6.6%

12.
Source: Relevant company annual reports and websites, Aranca Research
Notes: PSU – Public Sector Undertaking, DFC – Dedicated Freight Corridor, SPV – Special Purpose Vehicle
Company Business description
• Navratna PSU under the Indian Ministry of Railways
• It is a carrier, terminal operator and warehouse operator
• SPV set up under the Ministry of Railways
• Undertakes planning and development, mobilisation of financial resources and construction,
maintenance and operation of the Dedicated Freight Corridor (DFC)
• SPV created by the Government of India
• It builds engineering works required by Indian Railways
• Mini Ratna PSU with one of the largest neutral telecom infrastructure providers in the country
• It strives to modernise train control operation and safety system of Indian Railways

13.
Source: Relevant company annual reports and websites, Aranca Research
Notes: NTPC – National Thermal Power Corporation, km – Kilometres; * - Exchange rate as of 2008
Rail projects in India have typically been in the public sector domain
Private players were involved in allied activities such as track laying and maintenance, maintenance of coaches and
wagons, construction of bridges, stations, signalling, and telecommunications works
Company Project details
• Construction of 8 metro stations in Bengaluru
• Construction of two elevated Metro stations at MG Road and Trinity Circle in Reach-1
(inaugurated in September, 2011)
• Gauge conversion of VilluPuram-Mayiladuthurai section
• Installation and commissioning of signaling and telecommunications facilities at NTPC
• Bagged an order of US$ 535.8* million in 2008 in consortium with Scomi Engineering to execute
the country’s first monorail system in Mumbai
• Executing an order for development of railway siding; this involves engineering, procurement, and
construction work for a dedicated railway line of 38 km

14.
Source: Ministry of Railways, Aranca Research
Notes: PPP – Public Private Partnership
In December 2012, the Cabinet approved the new policy of “participative models for rail-connectivity and capacity augmented
projects”. The policy addressed private investors’ concerns, which included ownership of the railway line and repayment of
investment
This has led to renewed investor interest in the rail sector. Since then, railway authorities have received various proposals from
private investors and have already given approval (can now acquire land and begin construction) for four port connectivity
projects, which would ease congestion
This is in line with the government’s 12th Five-Year Plan. It intends to raise investments worth USD18.4 billion through PPP
route
Areas proposed for private investment during this period are likely to include elevated rail corridor in Mumbai, some parts of
dedicated freight corridor, freight terminals, redevelopment of stations, and power generation/energy saving projects
Other measures taken/proposed include:
Setting up of a modern signalling equipment facility at Chandigarh through the PPP route
Construction of new lines – Bhupdeopur-Raigarh (Mand Colliery), Gevra Road-Pendara Road – and doubling of
Palanpur-Samakhiali section through the PPP route
The Railways Ministry has already proposed for the development of 50 world-class stations in the PPP mode to improve and
enhance rail infrastructure in the country

15.
Demand for urban
transport
• There is a rapid increase in demand for urban mass transportation systems in the country
• Several metro rail projects are in progress to improve connectivity within cities; the Delhi
Metro has emerged as an internationally acclaimed venture
M-ticketing and
E-ticketing
• Indian Railways (IR) launched mobile ticketing services in August 2011. Users can now
use mobiles to directly buy tickets, which would be delivered to them through a non-
transferable SMS
• The government plans to upgrade the e-ticketing system by year-end to support 7,200
tickets per minute from 2,000 currently
International investment
• IR has attracted increasing investments from overseas through strategic alliances with
various countries over the last few years
• Subsidiaries of foreign companies are being set up to cater to the huge demand offered by
IR
Source: Ministry of Railways; Aranca Research
High speed rails
• IR is planning to build seven high-speed rail corridors to provide faster rail connectivity
across the country
• The trains will be capable of running at speeds up to 300 kilometre per hour

17.
Source: Ministry of Railways; Aranca Research
Passenger traffic went up by more than 15 times over FY1951–2012
Increasing incomes, both urban and rural, has made rail travel affordable to a large number of Indians
Urban population in India increased from 17.3 per cent of the total population in 1951 to 31.2 per cent in 2011; this has led to
increase in traffic between urban and rural areas in the country
Improvement of urban-rural connectivity by rail has been another major contributor to passenger growth

19.
Train Description
Duronto Express
• Non-stop point-to-point rail services
• Connects metros and major state capitals of India
Rajdhani Express
• Air-conditioned trains linking major cities to New Delhi
• One of the fastest trains in India with very few station stops
Shatabdi, Jan
Shatabdi Express
• Intercity seater-type trains for travel during day
Garib Rath
• Fully air-conditioned trains, designed for those who cannot afford to travel in
expensive trains such as Rajdhani and Shatabdi
Superfast Mail/ Express
• Trains that have an average speed greater than 55 kilometers per hour
• Have an additional super-fast surcharge
Mail/ Express
• More stops than their super-fast counterparts
• Stops only at relatively important intermediate stations
Passenger, Fast
Passenger
• Slow trains that stop at most stations along the route
• Low-cost alternative
Suburban trains
• Operate in urban areas
• Usually stops at all stations and have unreserved seating accommodation

20.
Freight traffic went up by more than 15 times over FY1951–2012
This traffic is due to the increasing levels of industrialisation across the country as is evident from the growth in the Index of
Industrial Production (IIP) over the last decade
Increasing freight traffic is generated from these industries year-on-year which are spread out across the country
Source: Ministry of Railways; Aranca Research

27.
Automobile Freight
Train Operator Scheme
2013
• To increase its share in automobiles transportation, Indian Railways notified a new
scheme in March 2013 – Automobile Freight Train Operator (AFTO). The scheme
provides logistic service providers and road transporters an opportunity to introduce their
own special wagons to run on the railways' network and avail of freight rebates in return.
The requirements for the scheme are laid down as under:
• Companies with minimum net worth of USD3.7 million or annual turnover of USD5.5
million are eligible to participate in this scheme
• A registration fee of USD0.9 million is required to be paid to the railway ministry on
approval as AFTOs
• Companies are required to introduce at least three rakes and make them operational
within six months from the commissioning of the first rake
• The freight rates would be notified from time to time for specific stock to be moved by
AFTOs
• The freight rebate would be incorporated in the freight rates specified for transportations of
automobiles
• Special wagons to be designed and developed by Research, Design and Standards
Organisation (RDSO) for induction by third-party logistics providers and road transporters
• Each rake is to have a capacity to carry 318 small cars. The rake should be tested by
RDSO
Source: Ministry of Railways, Aranca Research

28.
R3i policy
• Aimed at attracting private sector participation in rail connectivity projects in order to create
additional rail transport capacity
• The policy allows for four models – (a) Cost Sharing-Freight Rebate, (b) Full Contribution-
Apportioned Earnings, (c) Special Purpose Vehicle (SPV), and (d) Private Line
R2CI
• New policy initiated to improve rail connectivity to coal and iron ore mines
• It offers the developer involved in the construction of the line to levy a surcharge on the
freight over a period of 10–25 years
• The policy has two models – Capital Cost Model, and the SPV Model. While the Capital
Cost Model is relevant when there are two players, the SPV Model is intended for a
situation where there are a large number of players
Source: Ministry of Railways, Aranca Research
Notes: R3i – Railways' Infrastructure for Industry Initiative, SPV – Special Purpose
Vehicle, R2CI is Railways Policy for Connectivity to Coal and Iron Ore Mines

29.
Railway Budget FY14
• For FY14, the budget earmarks an outlay of USD11.7 billion, of which 40.9 per cent would
be funded through gross budgetary support and internal resources, while 23.8 per cent
would be funded through borrowings. Moreover, USD1.1 billion would be mobilised
through the PPP route
• The ministry expects a 9 per cent increase in freight earnings to USD17.2 billion in FY14
Passenger earnings are expected to increase to USD7.8 billion during the same period.
• Operating ratio is also expected to improve to 87.8 per cent in FY14
Wagon Investment
Scheme
• Indian Railways launched the Wagon Investment Scheme in 2005 to offer freight rebates
and supply a guaranteed number of rakes for a period of 7 – 15 years for different types of
wagons
• The Ministry of Railways has proposed to set up five wagon factories in Secunderabad,
Bardhaman, Bhubaneswar/ Kalahandi, Guwahati and Haldia under the JV/ PPP model
• It plans to procure 18,000 wagons during FY12
Source: Ministry of Railways, Aranca Research
Notes: VSAT - Very Small Aperture Terminal

30.
Key modernisation
initiatives
• Rolling out a more user-friendly system, with internet ticketing timings increased to 23
hours a day from 0030 hrs to 2330 hrs
• A new e-ticketing system, which would support 120,000 users simultaneously at any point
in time compared with the existing 40,000 capacity, will be put in place by year end. The
system would be able to support the booking of 7,200 tickets per minute as against the
current capacity of 2,000
• Launched mobile ticketing services in August 2011 and SMS in case if e-ticket not
accepted as valid proof of reservation
• With the successful completion of initial testing, the Train Collision Avoidance System
(TCAS) will be put to rigorous trials to validate its safety under complex operational
conditions
• Introduction of Self-Propelled Accident Relief Trains (SPART) on trial basis with a view to
establish a fast and reliable disaster management system
• A modern signalling system, a train-protection warning system, and a special railway
safety fund have been initiated to ensure passengers’ security
• Railway Budget FY14 focuses on improving passenger amenities such as free Wi-Fi
access, pilot projects to help passengers contact onboard staff regarding coach
cleanliness, etc.
Source: Ministry of Railways, Aranca Research

34.
Source: Ministry of Railways, Aranca Research
Notes: Km – Kilometres, IR – Indian Railways, UTS – Ultimate Tensile Strength,
CST9 – Central Standard Trial-9, PSC – Pre Stressed Concrete
• Sleepers have been upgraded from
wooden, steel, and CST-9 to PSC sleepers
• Heavier section and high tensile strength
rails are being used (52kg/60kg 90 UTS
rails are being used in place of 90R/52kg
72UTS rails)
• As of FY12, total length of welded track on
main lines of IR was 79,113 km, of which
65,500 km was with long-welded rails and
the rest with short-welded rails
• There is a progressive shift to flash butt
welding which is superior in quality to
Alumino Thermic (AT) welding
• Adequate capacity for production of
concrete sleepers to meet the present
requirement of IR has been developed
• During FY12, 6.9 million broad-gauge
mono-block concrete sleepers and 10,359
sets of PSC turnout sleepers were
produced
• In FY12, 924 bridges, including 12
distressed bridges, were rehabilitated
• Modern bridge inspection and management
system has been adopted, which include
non-destructive testing techniques, under
water inspections, fibre composite
wrapping, integrity testing etc.
Track upgradation and welded rails Sleepers and bridges

35.
Source: Ministry of Railways, Aranca Research
Notes: WDG5 (W – Wide/broad gauge, D – Diesel-powered,
G – Made for hauling goods, 5 – above 5000hp)
• Design and development of
5500 HP WDG5 diesel
locomotive for faster, longer
and heavier trains
• Development of high-
sensitivity thermal imaging
camera with online scanning
facility to improve the
reliability of electric traction
system
• Development of 25 KV HV
connector for multiple
operation of WAP5
locomotives with one
pantograph in raised
condition
Unreserved ticketing services
(UTS)
• UTS has been made
functional at 5,690 locations
with 10,508 terminals as of
April 2013
• More than 90 per cent of
unreserved tickets are now
generated through UTS
• A total of 6.65 billion
passengers were served
(total earnings of USD2.26
billion) in FY11 as compared
to 5.88 billion passengers
(total earnings of USD199.86
million) in FY10
Terminal Management
System (TMS)
• TMS generates online
railway receipts and has
been deployed at 631 field
locations during FY11
• During FY11, USD6.95 billion
of freight payment was
realised through e-payment
mode, which accounts for 58
per cent of total freight
collected
Increasing Operational
efficiency

36.
Source: Press information Bureau, GOI and News websites
Notes: SPV – Special Purpose Vehicle
PSU – Public Sector Undertaking
Salient features
• It has been created with the view of making the Indian
Railway stations world class as a public–private
partnership venture (PPP)
• A memorandum of understanding (MoU) for the SPV
was signed between two railway PSUs – the Ircon
international Limited (IRCON) and the Rail Land
Development Authority (RLDA)
• The SPV will have an initial corpus of USD20.8 billion
with 51:49 equity between Ircon and RLDA
Need and importance
• To meet with the aspirations of rail users and to
facilitate them with better facilities
• To augment and improve passenger related amenities
at stations to high standards
• To have modern stations which would be functional,
customer-oriented and well equipped with proper
circulation area and railway operation facilities
• It will be designed to provide well designed
concourses, high quality waiting spaces, easy access
to the platforms, congestion-free platforms, modern
catering facilities, hotels and other facilities

38.
Average rate per passenger km. (in rupees)
Source: Ministry of Railways, Aranca Research
Freight revenue accounts for major share of total railway revenues in India (71 per cent share in in FY12)
Major freight railways such as the US, China and Russia have one-fourth the freight rate compared to India
Indian Railways charges higher freight tariff in order to cross-subsidise the passenger fares and make them affordable to
the public. This is why the passenger fares were not increased in tandem with the rising costs over the years; in fact, fares
have gone down in a few cases
Average rate per tonne km. (in rupees)
0.25
0.26
0.26
0.26
0.26
0.27
FY 07 FY 08 FY 09 FY 10 FY 11 FY 12
0.85
0.89
0.94
0.95
0.97
1.01
FY 07 FY 08 FY 09 FY 10 FY 11 FY 12

40.
Revenues from traffic operations (USD million)
Source: Delhi Metro website, Annual Reports,
Aranca Research
Revenues from traffic operations increased at a CAGR of
37.5 per cent during FY08–12 to USD236.0 million
Average ridership increased to 1.9 million in June 2012 from
0.9 million in FY10, marking an increase of more than 100
per cent
Phase III of the project was approved in August, 2011 and
covers a route length of 103.1kms and 67 stations
Finalized Phase IV of the project which would cover area of
more than 115kms
Total operational network across Phase I and Phase
II spans 190 kilometres and covers 143 stations
66.0
91.8
109.8
195.6
236.0
FY 08 FY 09 FY 10 FY 11 FY 12
CAGR: 37.5%

41.
Source: Press Information Bureau, GOI and News Websites
Notes: SPV – Special Purpose Vehicle
PSU – Public Sector Undertaking
Key success factors
• Coordinated and well collaborated effort from various
government agencies for timely completion of the
project
• Availed overseas financing to cover 60 per cent of the
costs to ensure expedition of the project’s execution
• Involvement of consultants from across the world with
extensive experience – both technological and
managerial – in the field
Salient features
• The capital cost of completion of Phase I has been
estimated at USD2.2 billion, saving about USD125.0
million from the budgeted expenditure
• The phase was completed three years ahead of
schedule
• Average duration of major tenders was nineteen days,
compared with the three to nine months that is the
norm

42.
Freight traffic (million tonnes)
• The government is investing heavily in building rail
infrastructure in the country. The government
plans to invest USD153 billion during the 12th Five-
Year Plan
• With increasing participation expected from private
players – both domestic and foreign – due to
favourable policy measures, freight traffic is
expected to grow rapidly over the medium to long
term
• Railways has set a target of having a freight
market share of 50 per cent by 2030 from 30 per
cent in 2010
745 804 837 892
926 975 1,038 1,119
1,206
1,300
1,405
FY07
FY08
FY09
FY10
FY11
FY12
FY13E
FY14E
FY15E
FY16E
FY17E
• With rapid economic growth and increasing
industrialisation, freight traffic is expected to touch
1,405 million metric tonnes by FY17
• This indicates a CAGR of 7.6 per cent over FY12–17
CAGR: 6.6%

48.
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